Lease Obligations - Lessee (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lease Assets and Lease Liabilities

The following table provides a summary of lease assets and lease liabilities as of December 31:

($ in millions)	Consolidated Balance Sheets Caption	2024		2023
Assets
Operating lease ROU assets	Other assets	$	526	511
Finance lease ROU assets	Bank premises and equipment	146		126
Total ROU assets(a)		$	672	637
Liabilities
Operating lease liabilities	Accrued taxes, interest and expenses	$	606	601
Finance lease liabilities	Long-term debt	161		134
Total lease liabilities		$	767	735

(a)Operating and finance lease ROU assets are recorded net of accumulated amortization of $328 and $54, respectively, as of December 31, 2024, and $292 and $77, respectively, as of December 31, 2023.

Components of Lease Costs, Weighted-Average Lease Term and Discount Rate

The following table presents the components of lease costs for the years ended December 31:

($ in millions)	Consolidated Statements of Income Caption	2024		2023	2022
Lease costs:
Amortization of ROU assets	Net occupancy and equipment expense	$	21	19	19
Interest on lease liabilities	Interest on long-term debt	6		5	5
Total finance lease costs		$	27	24	24
Operating lease cost	Net occupancy expense	$	89	87	84
Short-term lease cost	Net occupancy expense	1		2	1
Variable lease cost	Net occupancy expense	30		29	28
Sublease income	Net occupancy expense	(3)		(2)	(3)
Total operating lease costs		$	117	116	110
Total lease costs		$	144	140	134

The following table presents the weighted-average remaining lease term and weighted-average discount rate as of December 31:

	2024		2023
Weighted-average remaining lease term (years):
Operating leases	11.57		11.07
Finance leases	12.66		15.21
Weighted-average discount rate:
Operating leases	4.08	%	3.72
Finance leases	3.80		3.02

The following table presents information related to lease transactions for the years ended December 31:

($ in millions)	2024		2023	2022
Cash paid for amounts included in the measurement of lease liabilities:(a)
Operating cash flows from operating leases	$	95	91	90
Operating cash flows from finance leases	6		5	5
Financing cash flows from finance leases	18		16	23
Gains on sale-leaseback transactions	—		2	4

(a)The cash flows related to short-term and variable lease payments are not included in the amounts presented as they were not included in the measurement of lease liabilities.

Undiscounted Cash Flows for Operating Leases

The following table presents undiscounted cash flows for both operating leases and finance leases for 2025 through 2029 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities:

As of December 31, 2024 ($ in millions)	Operating Leases		Finance Leases	Total
2025	$	92	22	114
2026	86		22	108
2027	78		21	99
2028	70		21	91
2029	60		11	71
Thereafter	397		104	501
Total undiscounted cash flows	$	783	201	984
Less: Difference between undiscounted cash flows and discounted cash flows	177		40	217
Present value of lease liabilities	$	606	161	767

Undiscounted Cash Flows for Finance Leases

The following table presents undiscounted cash flows for both operating leases and finance leases for 2025 through 2029 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities:

As of December 31, 2024 ($ in millions)	Operating Leases		Finance Leases	Total
2025	$	92	22	114
2026	86		22	108
2027	78		21	99
2028	70		21	91
2029	60		11	71
Thereafter	397		104	501
Total undiscounted cash flows	$	783	201	984
Less: Difference between undiscounted cash flows and discounted cash flows	177		40	217
Present value of lease liabilities	$	606	161	767